An organized gang, led by Mohammed Raees, has defrauded multiple cooperative banks in Kasaragod by pawning gold-filled bangles. Over the past year, they pocketed crores of rupees through fraudulent gold loans, bank and police officials revealed.
The scam targeted multiple banks using bangles that contained 2 to 3 grams of gold mixed with other metals, making it difficult for bank assessors to detect the fraud with traditional methods like the rub test. So far, police have arrested six people, including key players like Rajesh K and Asharaf APK, while Raees is suspected to have fled to the Middle East.
The fraud, involving over 50 gold-filled bangles weighing around 400 grams, swindled approximately Rs18 lakh from banks across Kasaragod. The gang managed to deceive banks like Hosdurg Service Cooperative Bank, Nileshwar Service Cooperative Bank, Cheemeni Service Cooperative Bank, Kodakkad Service Cooperative Bank, and Thimiri Service Cooperative Bank
